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Kingstone Announces Dismissal of Complaint in Putative Class Action
KINGSTON, N.Y.--(BUSINESS WIRE)-- Kingstone Companies, Inc. (Nasdaq: KINS) (the “Company” or “Kingstone”), a Northeast regional property and casualty
About this update from Kingstone Companies, Inc
[{"type":"text","content":" KINGSTON, N.Y.--(BUSINESS WIRE)--\nKingstone Companies, Inc. (Nasdaq: KINS) (the “Company” or “Kingstone”), a Northeast regional property and casualty insurance holding company, today announced that the United States District Court for the Southern District of New York has granted the defendants' motion to dismiss the amended complaint in the putative securities class action suit originally commenced in 2019 against the Company and certain current and former officers and directors, captioned Woolgar v. Kingstone Companies et al., 19 cv 05500 (S.D.N.Y.). Plaintiff sought to represent a class of persons or entities that purchased Kingstone securities between March 14, 2018 and April 29, 2019, and alleged violations of the federal securities law in connection with, among other things, the Company’s loss reserves in light of the April 29, 2019 announcement regarding losses related to winter catastrophe events. The Court has permitted plaintiff to amend the complaint to attempt to cure the deficiencies identified by the Court in its opinion (to the extent plaintiff has a good faith basis to do so). The amended complaint, if any, would need to be filed by September 11, 2020.\n\n\nAbout Kingstone Companies, Inc.\n\n\nKingstone is a Northeast regional property and casualty insurance holding company whose principal operating subsidiary is Kingstone Insurance Company (“KICO”). KICO is a multi-line carrier writing business through retail and wholesale agents and brokers. KICO offers primarily personal lines insurance products, as well as Physical Damage Only coverage to taxi, limousine, and transportation network vehicle owners in New York State. Actively writing in New York, New Jersey, Rhode Island, Massachusetts, and Connecticut, Kingstone is also licensed in Pennsylvania, New Hampshire and Maine.\n\n\nForward-Looking Statements\n\n\nStatements in this press release may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, may be forward-looking statements. These statements are based on management’s current expectations and are subject to uncertainty and changes in circumstances. These statements involve risks and uncertainties that could cause actual results to differ materially from those included in forward-looking s...